Freeport-McMoRan Inc. (FCX) Debt Trading 1.5% Higher

An issue of Freeport-McMoRan Inc. (NYSE:FCX) debt rose 1.5% as a percentage of its face value during trading on Monday. The debt issue has a 6.875% coupon and will mature on February 15, 2023. The bonds in the issue are now trading at $104.50 and were trading at $104.50 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.

Several analysts recently issued reports on FCX shares. Vetr upgraded shares of Freeport-McMoRan from a “sell” rating to a “strong-buy” rating and set a $11.88 price objective on the stock in a report on Wednesday, October 19th. FBR & Co reaffirmed a “hold” rating on shares of Freeport-McMoRan in a research report on Thursday, October 20th. Deutsche Bank AG raised Freeport-McMoRan from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $12.00 to $12.50 in a research report on Monday, October 3rd. Finally, Zacks Investment Research downgraded Freeport-McMoRan from a “hold” rating to a “sell” rating in a research report on Tuesday, October 18th. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. Freeport-McMoRan presently has an average rating of “Hold” and an average price target of $10.97.

Freeport-McMoRan Inc. (NYSE:FCX) traded down 0.562% during mid-day trading on Wednesday, reaching $15.035. The company’s stock had a trading volume of 5,606,523 shares. The firm has a 50 day moving average price of $11.42 and a 200-day moving average price of $11.34. The company’s market capitalization is $20.47 billion. Freeport-McMoRan Inc. has a 1-year low of $3.52 and a 1-year high of $15.18.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, October 25th. The natural resource company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by $0.06. The firm earned $3.88 billion during the quarter, compared to analyst estimates of $3.95 billion. Freeport-McMoRan had a negative return on equity of 0.72% and a negative net margin of 58.67%. Freeport-McMoRan’s revenue was up 14.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.15) EPS. On average, equities analysts predict that Freeport-McMoRan Inc. will post $0.23 EPS for the current fiscal year.

In related news, Director Courtney Mather acquired 150,000 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, October 27th. The stock was acquired at an average price of $10.72 per share, for a total transaction of $1,608,000.00. Following the transaction, the director now directly owns 65,523 shares of the company’s stock, valued at approximately $702,406.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.40% of the company’s stock.

A number of hedge funds have recently made changes to their positions in FCX. Independent Investors Inc. increased its stake in shares of Freeport-McMoRan by 0.5% in the third quarter. Independent Investors Inc. now owns 14,774 shares of the natural resource company’s stock valued at $160,000 after buying an additional 74 shares during the last quarter. Holderness Investments Co. increased its stake in shares of Freeport-McMoRan by 0.7% in the second quarter. Holderness Investments Co. now owns 16,782 shares of the natural resource company’s stock valued at $187,000 after buying an additional 121 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its stake in shares of Freeport-McMoRan by 0.3% in the third quarter. Kornitzer Capital Management Inc. KS now owns 70,530 shares of the natural resource company’s stock valued at $766,000 after buying an additional 200 shares during the last quarter. Bremer Trust National Association increased its stake in shares of Freeport-McMoRan by 1.0% in the third quarter. Bremer Trust National Association now owns 22,678 shares of the natural resource company’s stock valued at $246,000 after buying an additional 225 shares during the last quarter. Finally, Integrated Investment Consultants LLC increased its stake in shares of Freeport-McMoRan by 1.9% in the third quarter. Integrated Investment Consultants LLC now owns 15,807 shares of the natural resource company’s stock valued at $152,000 after buying an additional 294 shares during the last quarter. 68.54% of the stock is currently owned by hedge funds and other institutional investors.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (FCX) is a natural resource company with a portfolio of mineral assets, and oil and natural gas resources. The Company’s segments include the Morenci, Cerro Verde, Grasberg and Tenke Fungurume copper mines, the Rod & Refining operations and the U.S. Oil & Gas Operations. It has organized its operations into five primary divisions: North America copper mines, South America mining, Indonesia mining, Africa mining and Molybdenum mines.